Asked by Rachel Lopke on May 05, 2024
Verified
A check is a draft that is payable on demand.
Draft
A written order drawn on one person by another, requesting him to pay money to a designated third person.
Demand
A claim; a legal obligation; a request to perform an alleged obligation; a written statement of a claim. In corporation law, a request that the board of directors sue a person who has harmed the corporation; a prerequisite to a shareholder derivative suit.
- Recognize the characteristics and types of negotiable instruments, including checks and promissory notes.
Verified Answer
AM
Anmol MehtaMay 08, 2024
Final Answer :
True
Explanation :
A check is a draft payable on demand and drawn on a bank.
Learning Objectives
- Recognize the characteristics and types of negotiable instruments, including checks and promissory notes.